The Russian ruble has entered the stablecoin game.

A7A5, the first ruble-pegged stablecoin, moved $9.3B in just 4 months, @FT reports:

- Launched in Kyrgyzstan, outside Western reach

- Backed by ruble deposits in Promsvyazbank (sanctioned)

- Runs on Tron & Ethereum

- Used as a bridge to USDT & cash out abroad, bypassing SWIFT & sanctions

After the US closed Garantex, Russia's CEX, A7A5 and Grinex (a new Kyrgyz exchange) stepped in.

It’s not retail driven.

Most flows are weekday, done during office hour, reportedly trade payments or state linked actors.

The stablecoin are geopolitics now.

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